S. Korean auto sales gain in October, outlook uncertain

SEOUL, Nov. 3 (Yonhap) -- South Korean automakers, including Hyundai Motor Co. and its affiliate Kia Motors Corp., said Monday that sales posted a moderate gain in October, helped by demand for their fuel-efficient cars.

But, the short-term outlook for Hyundai and Kia remains uncertain as the global
financial crisis dampens demand for their vehicles overseas and the wobbly
domestic economy forces consumers to shun new cars at home.
Overall car sales in October rose 3.7 percent to 505,541 units, according to
tallies by Hyundai and other carmakers.
The nation's No. 1 Hyundai saw sales gain 12 percent to 269,958 units last month.
Exports rose 16.8 percent to 217,223 units, but domestic sales fell 4.5 percent
to 52,753 units.
Its affiliate Kia posted a 0.7 percent decline in October sales. The carmaker
sold a total of 139,871 units.
Domestic sales rose 33.9 percent to 33,609 units, while exports fell 8.2 percent
to 106,262 units.
GM Daewoo Automotive and Technology Co's sales fell 11.3 percent to 73,180 units,
hit by sluggish demand at home and overseas.
Last week, GM Daewoo Chief Executive Officer Michael Grimaldi said the subsidiary
of U.S. auto giant General Motors Corp. is "facing a very serious problem" amid
weakening demand worldwide.
Renault Samsung Motors Co. reported a 19.8 percent increase in October sales,
thanks to robust exports.
Ssangyong Motor Co.'s sales plunged 35.2 percent last month as the company has
failed to woo consumers with no fuel-efficient models.